Sesame completes PMS acquisition
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Sesame has successfully completed the acquisition of Bankhall and PMS, with Sesame chairman Ivan Martin to head up the newly created Sesame Bankhall Group.
Stephen Young, currently sales and marketing director at Sesame, will assume the role of chief operating officer.
Discussions between Skandia UK, parent of Bankhall and PMS, and Sesame were first announced on June 30. The deal was originally expected to take six to eight weeks but was only finalised on October 16 after due diligence and the drafting of final agreements took longer than expected.
Ivan Martin, executive chairman of Sesame Bankhall Group, estimates that the enlarged financial services group will serve over 10,000 individual advisers, including appointed representatives and directly authorised brokers, and may account for around 17% of the total mortgage market.
He says: “It is obviously a groundbreaking deal for the industry and we are extremely excited about it. The size and breadth of our new adviser business will increase our ability to build bespoke services and products that can drive even greater value for our customers, our advisers, and their clients.”
More details about the group’s structure and services will be announced in due course over the coming weeks.
Martin says the restructure will not affect John Malone, managing director of PMS.
He says: “As far as John Malone is concerned, he is head of the PMS business and an important figure in the industry. Malone is head of PMS and will continue to be so.”
He adds that Sesame Bankhall Group is now well positioned to deal with the cost of incoming mortgage regulation.
Martin adds: “Whether it is for the Retail Distribution Review or the Mortgage Market Review the future is going to require significant investment to cater to and drive the adviser process, and we are in a great position to do that now.”
